The National Development Planning Commission (NDPC) has developed a macroeconomic model to determine Ghana’s growth strategy.
The model, which has been named the Ghana Macroeconomic Model (GMM), will be used to transform key sectors of the economy such as agriculture, industry and the service sector by setting growth targets specific to the economy. sector, policy guidelines and the various means to achieve them.
Announcing this at a press conference in Accra on Sunday, Commission Director General Dr Kodjo Esseim Mensah-Abrampa said the model serves as a model to help the country with economic forecasting, policy analysis and choices.
He said the model would help the country collect the right information on the economy to correct wrongs associated with policy guidelines due to lack of information.
He added that it can be used to assess the economic impacts of contingencies such as the coronavirus pandemic to inform measures if adopted would put the economy back on track.
In addition, he said the model would be used to forecast the economic outcomes of government policies to inform their [policies] reform and also promote the judicious use of the nation’s scarce resources.